Breaking: Bitcoin price shatters records, surges past $30,000, signaling a new era for cryptocurrency investors.
Bitcoin price has surged past the $30,000 mark, reaching $30,150 at the time of writing. This upward trend has been consistent, with the cryptocurrency hitting higher highs. Contrary to popular belief, the surge can be attributed to Federal Reserve chair Jerome Powell’s recent speech at the Economic Club of New York, rather than fake news of a spot BTC ETF approval.
During his speech, Powell discussed the increasing yields on long-term US treasuries and hinted at the possibility of the Fed pausing its interest rate hikes during the upcoming meeting on November 1. However, this pause would depend on inflation data. If inflation rises significantly, it could delay the pause and lead to more rate increases. Conversely, if inflation remains low, the pause could go into effect.
It’s important to note that a Fed pause is different from a Fed pivot, which would involve bringing interest rates back down. While a Fed pivot is not expected to happen anytime soon, it is plausible that interest rates will remain at their current levels for a while.
In conclusion, the recent surge in Bitcoin price can be attributed to Jerome Powell’s speech and the possibility of a Fed interest rate hike pause. Investors will be closely monitoring inflation data to determine the future trajectory of Bitcoin and other cryptocurrencies.
Note: The article includes a BTC/USDT 1-day chart and a link to another related article titled “Bitcoin price did not need fake Spot BTC ETF news to break $29,000 barrier.”